Amiad acquires French subsidiary (7554A)
February 07 2011 - 2:00AM
UK Regulatory
TIDMAFS
RNS Number : 7554A
Amiad Filtration Systems Ltd
07 February 2011
7 February 2011
Amiad Filtration Systems Ltd.
("Amiad" or the "Company")
Amiad acquires French subsidiary
Amiad, the producer and global supplier of water filters and
filtration systems for the industrial, municipal and irrigation
markets, is pleased to announce that it has acquired the remaining
34% of the issued share capital of its French subsidiary, Amiad
France SARL ("Amiad France"), from its local partners Palinodie
SARL, Bruno Jauneaud and Jean-Yves Gautret (the "Sellers"). As
consideration for the shares, Amiad will issue the Sellers with
69,000 new ordinary shares of 0.5 NIS each in the Company (the
"Shares") credited at fully paid and representing 0.31% of Amiad's
enlarged issued share capital.
Amiad France has entered into employment agreements with Mr.
Jauneaud, who will continue to act as Chief Executive Officer of
the subsidiary and have responsibility for the Company's activities
in Europe, and with Mr. Gautret, who will oversee European sales
and marketing and business development.
Rationale for the acquisition
This acquisition forms part of Amiad's strategy to acquire 100%
ownership of its subsidiaries in order to have a local presence and
to establish direct sales channels in competitive markets. The
first such transaction was in the latter part of 2010 when Amiad
purchased the outstanding shares of its subsidiary in China. This
acquisition also supports Amiad's long-term approach to acquire
positions in companies that provide complimentary technologies or
enable the Company to enter into new territories - as demonstrated
by Amiad's acquisitions in Turkey in 2008, India in 2009 and the
establishment of a subsidiary in Chile in 2010.
Admission to trading on AIM
Application has been made for the Shares to be admitted to
trading on AIM, which will rank pari passu with the existing
ordinary shares of the Company. It is expected that Admission of
the Shares, and trading in the same, will commence at 8.00am GMT on
8 February 2011.
Following Admission of the Shares, Amiad will have 22,590,688
ordinary shares in issue.
Enquiries:
Amiad Filtration Systems Ltd.
Tal Yeshua, Chairman
Arik Dayan, Chief Executive
Officer +972 4 690 9500
-----------------
Panmure Gordon
-----------------
Andrew Godber, Katherine Roe +44 20 7459 3600
-----------------
Corfin Public Relations
-----------------
Harry Chathli, Claire Norbury +44 20 7596 2860
-----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQDKADKOBKDOBK
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Amiad Water Systems (LSE:AFS)
Historical Stock Chart
From Jul 2023 to Jul 2024